A new era: The Institute redefines its role for the profession
As of 1 October 2022, the Institute’s former regulatory roles in the issuance of practising certificates, registration and inspection of practice units and regulating the professional conduct of all CPAs and practice units have been formally transferred to the Accounting and Financial Reporting Council under the further reform of the regulatory regime of accounting profession.
The Institute website has been updated to reflect the Institute’s redefined role. Members can read the full “Message from the President” on the website for more details. Members should also visit the updated “Membership” section of the Institute’s website to be aware of any updates to the timeline and requirements with regards to the upcoming 2023 membership renewal.
Call for 2023 committee self-nominations
The Institute’s Nomination Committee is inviting self-nominations for 2023. Members interested in playing a meaningful role in the development of the Institute and the accounting profession next year can put their names forward to join the committees. Members can learn more about the committees from the Institute’s website and should submit the nomination form online on or before Friday, 18 November for consideration by the Nomination Committee.
Revised Practical Experience Framework to be launched
The Institute’s revised Practical Experience Framework (PEF) will be launched in December this year, introducing a one-stop online system for registration, updates and renewals for Authorized Employers or Authorized Supervisors (AE/AS), and for reviewing and verifying Qualification Programme (QP) students’ practical experience. The revised PEF will provide AE/AS with flexibility in work arrangements for their QP students and enable transparent communication with the QP students via the brand new online system for reviewing their development progress.
With the launch of the revised PEF, a three-year transitional arrangement will be granted to existing QP students who have already started accumulating experience to have sufficient time to continue to attain the practical experience under the current framework. Further information about the revised PEF will be shared via the Institute’s website and various channels.
Mandatory CPD requirements
Members are required to complete 120 hours of continuing professional development (CPD) in a three-year rolling period, of which 60 hours must be verifiable; and at least 20 hours of relevant professional development activity in each year. More details about CPD requirements and relevant frequently asked questions are available on the Institute’s website.
PAIB Conference 2022
The face-to-face PAIB Conference 2022, organized for Professional Accountants in Business (PAIB), will take place on 12 November at the Grand Ballroom, Kowloon Shangri-La. Three panels of respected speakers will discuss and share their insights on the latest trends and developments relating to sustainability, environmental, social and governance, and green finance; digital technologies to help evolve business and operating models; and the value of CPAs in the era of digitalization.
Annual Accounting Update 2022
With the theme “A New Chapter for Corporate Reporting,” the virtual Annual Accounting Update 2022 on 19 November will focus on the new initiatives in corporate reporting started by the accounting profession to cater to the needs for a more sustainable future. Speakers will cover topics including the standard setting function of the Institute and major standard setting projects in progress; the standards which will be effective in 2023 and 2024; application issues of Hong Kong Financial Reporting Standards 9, 15 and 16, and the latest developments in sustainability reporting. Read Meet the Speaker to learn more about the event.